Friday Watch

Around X:

• @Business  

• Tokyo’s key inflation gauge picked up for the first time in eight months, keeping the Bank of Japan on a trajectory to raise interest rates further. 
• Samsung and SK Hynix are preparing to announce hundreds of billions of dollars worth in new investments on Monday, according to South Korean media reports this week.
• California voters will decide in November whether to tax the state’s billionaires, after Governor Gavin Newsom and some of the world’s wealthiest people failed to stop the proposal from reaching the ballot.
• New York City’s Rent Guidelines Board voted to freeze rents for roughly one million stabilized apartments, handing Mayor Zohran Mamdani a major political victory and delivering on a central promise that launched him to City Hall.
• President Donald Trump formally nominated the top aide to Health Secretary Robert F. Kennedy Jr. as the department’s deputy secretary in a social media post on Thursday.
• The dollar is wrapping up one of its best months in a year as a raft of Wall Street banks see a turnaround of fortunes for the US currency.
• A new survey of corporate recruiters says business schools need to focus on training students to use AI — in five years. 
• Get up to speed on what's moving global markets.
• Here’s what you need to know to start your day.      

• @ZeroHedge

• Mark Carney Seeks "New World Order" That Excludes The US. 
• YouTube Settles With Florida Teen Alleging Social Media Addiction Harms Ahead Of California Trial.
• LATEST: BitGo is cutting nearly 15% of its workforce as CEO Mike Belshe says the company is narrowing its focus to "security, trading, stablecoins, settlement, and AI-powered infrastructure." Belshe called the layoffs a "one-time action" and said BitGo does not anticipate further workforce reductions.
• China Eyes Iran's Postwar Reconstruction In Bid To Lock Up Future Oil Supplies.
• *GOOLSBEE: DISTURBINGLY HIGH INFLATION COMPONENT FROM SERVICES.
• TRUMP ADMINISTRATION HAS ASKED OPENAI TO LIMIT RELEASE OF NEXT CHATGPT 5.6 MODEL ONLY TO SMALL SET OF GOVT-APPROVED PARTNERS BEFORE WIDER RELEASE.
• Adani Targets 10 GW Nuclear Power Capacity In India By 2035.
• Israeli military conducts airstrikes in Beit Yahun, Lebanon.
• Federal Judge Blocks Trump Admin's Mail-In Voting Restrictions, National Voter Database For Midterms.
• Hegseth Hails First Test Of America's 'Golden Dome' Missile Defense Shield.
• Hormuz evacuation effort on hold after new ship attack.
• Mayor Blames "Slavery" As Chicago Wrestles With Deadly Crime Spree.
• DDR and NAND prices. (graph)
• Generational Crisis! Nearly A Third Of US Adults Under 35 Are Still Living With Their Parents.
• Venezuelan Quake Disaster: 45,000 People Reported Missing On Independent Monitoring Platform. 
• *PENTAGON TO ALLOW CRITICAL MINERALS PLANTS ON US ARMY BASES. 
• Markets 'Turmoil' Amid Micron Mania, Hormuz Hiccups, & Peaky PCE.         

• @CNBC

• CNBC Daily Open: Oil worries flare as tech's winners split from the pack. 
• Friday's big stock stories: What’s likely to move the market in the next trading session.     
• Stock futures are little changed after Nasdaq posts four-day losing run: Live updates.
• On Semiconductor strikes $7 billion deal for Synaptics in physical AI push.
• Why Micron Technology's gain could be hyperscalers' pain. 

Night Trading 

• Asian equity indices are -3.5% to -1.5% on average. 
• Asia Ex-Japan Investment Grade CDS Index 68.25 unch. 
• China Sovereign CDS 37.75 unch..
• China Iron Ore Spot 97.3 USD/Metric Tonne -.2%. 
• Crude Oil 71.05/bbl. -1.2% 
• Gold 4,018.10 USD/t oz. -.7%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.40 unch.
• Bloomberg Emerging Markets Currency Index 34.75 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 120.4 -1.2%.
• US 10-Year Yield 4.39% unch.
• Japan 30-Year Yield 3.85% unch. 
• Volatility Index(VIX) futures 19.5 +1.8%.
• Euro Stoxx 50 futures -.7%. 
• S&P 500 futures -.5%.
• NASDAQ 100 futures -1.0%.

Morning Preview Links

BOTTOM LINE: Asian indices are lower, weighed down by technology and industrial shares in the region. I expect US stocks to open lower and to maintain losses into the afternoon.  The Portfolio is 50% net long heading into the day.